STPI to Fund 25 Startups from Tier II and III Towns Under LEAP Ahead 2.0 STPI will provide up to INR 50 lakh per startup based on performance, including an initial INR 25 lakh and additional funding, along with mentorship and support for scaling operations.
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The Software Technology Parks of India (STPI) will fund 25 startups from Tier II and III towns under the second edition of the LEAP Ahead initiative, announced Director General Arvind Kumar at the India Mobile Congress.
This government-backed initiative will support selected startups with funding commitments of up to INR 1 crore per entity.
Kumar explained that STPI will provide up to INR 50 lakh per startup, based on their performance, with an initial fund of INR 25 lakh followed by additional funding of up to INR 25 lakh. The initiative also offers mentorship and other support to help startups scale their operations.
"Under LEAP Ahead 2.0, we are targeting startups from smaller towns. We've signed a memorandum of understanding with private investors to back these ventures," said Kumar.
This initiative follows the success of the first edition, LEAP Ahead 1.0, which saw INR 25 crore in total investment commitments. "The startups selected in Leap Ahead 1.0 have already received commitments of INR 78 crore, and 17 startups have received investment of up to INR 38 crore. Three out of 25 startups that have gone to TiE Silicon Valley have received investments from three foreign investors," Kumar said.
Additionally, STPI announced the winners of its Smart Farm Grant Challenge Programme, aimed at addressing sugarcane harvesting challenges. Karnataka-based Satyukt Analytics was named the winner, securing an INR 50 lakh grant from the Ministry of Electronics and IT, distributed over two years to support product development.
